Bitcoin is here to stay as you could read many times in the media. Even if it was facing a hight load of skepticism, the cryptocurrency set a new record high over the past weekend and jumped up to USD 5100.
Ronnie Moas from Standpoint Research told CNBC on Tuesday, the price of Bitcoin was moving, and its market capitalization could overtake Apple within five years which has an approx. USD 800 billion market cap.
For those who didn’t know: According to Coinmarketcap.com, Bitcoin’s actual market value is at $95.9 billion (Asia time). Compared to the data of Goldman Sachs, which had a value of $93.67 billion, and Apple’s at $806.65 billion.
Sounds not much at the first look but people should not forget about one important fact:
With 10000 BitcoinS you could buy 2 pizzas in 2010 — Today’s worth? about $60 million!
Moas already predicted the USD 5,000 level when Bitcoin was trading at USD 2,600 earlier this year. At the moment Bitcoin is trading at about $5,700.
Moas who expects the Bitcoin price at $50,000, maybe even within a decade and a market value of a trillion dollar ssaid in the CNBC interview, that the three prominent critics of bitcoin were “heavily invested” in publicly-traded U.S. banks that are currently being threatened by the cryptocurrency. “I don’t expect those people to come out and recommend … to buy bitcoin. Because that hurts their business,” he said.
Moas also added he is “only a bit concerned that there may be a near-term bubble,” but long term, there’s the potential to make triple-digit returns.
The growing popularity of Bitcoin and some other cryptocurrencies might push acceptance among the public to carry out transactions which could lead to a wider adoption in the future. Moas believes it might be that there could be about “200 million people around the world trying to get their hands on a few million bitcoin.” That’s one of the reasons the price could jump up to USD 50,000.